114 paragraphs found
In the public sector, auditors may be appointed in accordance with statutory procedures. Accordingly, certain of the requirements and considerations regarding the acceptance and continuance of client relationships and audit engagements as set out in …
An engagement team includes a person using expertise in a specialised area of accounting or auditing, whether engaged or employed by the firm, if any, who performs audit procedures on the engagement. However, a person with such expertise is not a member …
When considering the appropriate competence and capabilities expected of the engagement team as a whole, the engagement partner may take into consideration such matters as the team’s: Understanding of, and practical experience with, audit engagements of …
In the public sector, additional appropriate competence may include skills that are necessary to discharge the terms of the audit mandate in a particular jurisdiction. Such competence may include an understanding of the applicable reporting arrangements, …
Direction of the engagement team involves informing the members of the engagement team of matters such as: Their responsibilities, including the need to comply with relevant ethical requirements, and to plan and perform an audit with professional …
Appropriate teamwork and training assist less experienced members of the engagement team to clearly understand the objectives of the assigned …
Supervision includes matters such as: Tracking the progress of the audit engagement. Considering the competence and capabilities of individual members of the engagement team, including whether they have sufficient time to carry out their work, whether …
Under ASQC 1, the firm’s review responsibility policies and procedures are determined on the basis that work of less experienced engagement team members is reviewed by more experienced engagement team members. …
A review consists of consideration whether, for example: The work has been performed in accordance with Australian Auditing Standards, relevant ethical requirements, and applicable legal and regulatory requirements; Significant matters have been raised …
Timely reviews of the following by the engagement partner at appropriate stages during the engagement allow significant matters to be resolved on a timely basis to the engagement partner’s satisfaction on or before the date of the auditor’s report: …